Tesla worth double Toyota as investors look to massive EV battery play | RenewEconomy

Tesla worth double Toyota as investors look to massive EV battery play

Tesla stock goes through roof, now worth nearly twice that of Toyota, as analysts factor Tesla becoming major supplier of EV batteries.

Image Credit: Ding Ting/AP

The Driven

Tesla stock is going through the roof, hitting its highest point ever and putting its market value almost twice that of Toyota, the next largest auto maker on the planet by market capitalisation.

Tesla shares have bounded ahead in 2020 on a diet that includes its new gigafactories, the release of the Model Y, and anticipation on Cybertruck, Tesla Semi, battery and autonomy developments.

The latest rally saw the EV maker and battery storage provider close at $US1,835.64 on Monday, eight times that of twelve months ago, putting its market cap at $US342 billion, soaring past Toyota’s $US187 billion.

It comes less than a week after Tesla CEO and co-founder Elon Musk announced that Tesla would implement a five-to-one split of its stock at the end of August, in a bid to appeal to a broader base of investors.

But apart from the news that Tesla would make it stock more accessible to investors via a stock split there’s been no other material news to explain the most recent jump in share prices. But one insight may be the fact that lead analysts are now starting to factor in a big battery play.

To read the full version of this story – and view the photo gallery – on RenewEconomy’s electric vehicle dedicated site, The Driven, click here…

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